LONDON--(BUSINESS WIRE)--Technavio's latest market research report on the global automotive intelligent park assist system market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automotive intelligent park assist system market will grow at a CAGR close to 20% during the forecast period. The increasing usage of rear-view cameras in vehicles is a major factor driving the market's growth.
Currently, automobiles come with a host of computerized mechanisms such as cameras, sensors, chips, and codes, which control the automobile components ranging from the engine to the in-vehicle entertainment. However, majority of the automobile manufacturers still use reflective glasses for rear-view images as these are available as a cheaper option. High demand for components like rear-view cameras is increasing the adoption of IPAS, which is the next level of evolution for such components in the automotive industry.
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In this report, Technavio highlights the integration of intelligent park assist system with other automotive technologies and systems as one of the key emerging trends driving the global automotive intelligent park assist system market:
Integration with other automotive technologies and systems
The automotive industry's goal to have zero road fatalities along with meeting the demand of consumers and government regulations are driving the adoption of advanced safety and driver assistance systems. This resulted in automobile manufacturers collaborating with automotive safety and automotive camera manufacturers to integrate radar and cameras, which combines, video sensing, radar sensing, and data fusion in a single module.
Such technology integration will help in offering the best safety solutions for the consumers and vehicles by enabling a group of active safety and driver assistance systems, which will include pedestrian detection and protection systems, LDW, LAS, and parking assistance. As driver assistance and safety systems are increasingly becoming a standard for the automobiles, image and radar sensor fusion will also help in reducing cost.
"The automobile manufacturers are further integrating PAS with the electric power-assisted steering system that allows the on-board computer or control unit to make accurate calculations and adjustment when the vehicle is being parked," says a senior analyst at Technavio for research on automotive electronics.
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Global automotive intelligent park assist system market segmentation
This market research report segments the global automotive intelligent park assist system market into the following technologies (semi-autonomous and fully autonomous) and key regions (the Americas, APAC, and EMEA).
The semi-autonomous segment held the largest market share in 2017, accounting for nearly 63% of the market. The market share for this technology is expected to decrease nearly 4% by 2022. The fastest growing technology is fully autonomous, which is expected to witness a growth of nearly 4% by 2022.
The Americas was the leading region for the global automotive intelligent park assist system market in 2017, accounting for a market share of 40%. By 2022, this region is expected to witness a massive growth of nearly 7%.
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